Bush warns of 'long and painful recession'

[maddezmom]

Source: AP

WASHINGTON - Pressing urgently for a massive financial bailout, President Bush says the nation faces a "long and painful recession" if Congress fails to act. He says "our entire economy is in danger."

Speaking in dire terms, Bush pushed for a $700 billion government rescue plan during a prime-time address to the nation. His move was aimed at explaining the package to the American public, but also to keep pressure on frustrated and angry lawmakers to work out a bipartisan deal fast.

Bush said the goal is to help the government buy up troubled assets so that credit can start flowing again and the economy will rebound.



Read more: http://news.yahoo.com/s/ap/20080925/ap_on_go_pr_wh/bush_markets_28

---

Dodd on Maddow now and he doesn't sound convinced.

[madmax]

1. Thank you, pResident *bush

You fuckwad!

[amdezurik]

16. ahem, pardon me...

but I know lots of fuckwads, hell my brother is a total fuckwad, and that is an insult to all fuckwads the world over!

[madmax]

24. ...

:rofl:

It was somewhat harsh. Welcome to DU! :hi:

[Tandalayo_Scheisskopf]

55. My opinion is...

That while fuckwads ARE fuckwads, with all the baggage that entails, there are limits to fuckwaddery, and that Dear Leader blasts through those limits at the speed of light and takes things into new and different dimensions in the understanding of fuckwadditude.

So I really don't think it's fair to fuckwads to call him a fuckwad and is inaccurate, when considered in the light of present and accepted fuckwadological science.

Of course, new frontiers in fuckwadology are being opened all the time, so who knows what tomorrow might bring?

So give what you can, at the home or at the office, so we might find a cure for the scourge of fuckwaddism.

[Kaleko]

78. Yours is a thoughtful opinion and fuckwadology is richer for you having considered it.

Deep bows.

Fuckwaddeliciously,

F. Kaleko

[elocs]

2. Give them the 700 billion and we'll still have a long and painful recession

and the Democrats will be blamed for it. I remember hearing once that the reason that they called the Great Depression a "depression" is that they did not want to use the scare word "recession". My how times have changed.

[starroute]

28. Actually, it's the other way round as far as "recession" is concerned

They used the word "depression" in the 30's to avoid the even scarier 19th century term "panic." I believe the first use of the word "recession" was when the economy started to sag again in the late 30's -- and then they continued using it after World War II.

Oh, wow -- doesn't this all sound familiar. Maybe it's time to revive the word "panic."

http://www.u-s-history.com/pages/h213.html

A major economic reversal began in Europe and reached the United States in the fall of 1873. The signal event on this side of the Atlantic was the failure of Jay Cooke and Company, the country’s preeminent investment banking concern. The firm was the principal backer of the Northern Pacific Railroad and had handled most of the government’s wartime loans.

Cooke’s fall touched off a series of events that encompassed the entire nation. The New York Stock Exchange was closed for 10 days. Credit dried up, foreclosures were common and banks failed. Factories closed their doors, costing thousands of workers' jobs. The volume of destitute people soon overwhelmed the abilities of charities to function. Most of the major railroads failed.

The public tended to blame President Grant and Congress for mishandling the economy. The causes were much broader, however. The postwar period was one of frenetic, unregulated growth with the government playing no role in curbing abuses. More than any other single event, the extreme overbuilding of the nation’s railroad system laid the groundwork of the Panic and the depression that followed. Recovery was not realized until 1878.

In addition to the ruined fortunes of many Americans, there developed from the Panic of 1873 bitter antagonism between workers and the leaders of banking and manufacturing. This tension would erupt into the labor unrest that marked the following decades.

[Pete2069]

49. What this not the subject in 2001 when Bush/Cheney stole the election

If I am not mistaken , anyone of knowledge about Bush's
business adventures where saying Bush would do the same to our
country as he had done to all his previous business
adventures.

The only difference this time he has screwed up a the top of
the food chain.  

Of course the elite will receive their money back thanks to
the taxes of the Americans.

[SpiralHawk]

81. We need a new term this time: Republicession

That speaks volumes.

[OhioChick]

3. Ohio never left that "long and painful recession." n/t

[dchill]

79. We've been doing it for years here...

in NW PA, too. Bush, like John McCain, just doesn't get it. (Actually, he does, but just doesn't give a damn.)

[liberal N proud]

4. What would he call the economy we have been living?

What a dumb fucker.

[FarLeftRage]

5. Like, we're not in one now????

WTF!!! he's so full of sh*t!!!

[AlphaCentauri]

6. not a good legacy for #43

[Amonester]

18. the only legacy the little dicktatortor ever had started with...

Arbusto Energy, and is gonna end with the USA.

It can be summed up in just three 'simple' (like him...) words: BAIL ME OUT!

[Xipe Totec]

7. Longer and painfuler than the last 8 years?!

you fucking ape!

(not the OP; the POTUS).

[Pete2069]

71. Just who sounds more like a terrorist a destroyer now.

The evil in the white house or the evil in a foreign country. 

I was always told that this country would be destroy from
within..   I just didn't believe I would live long enough to
witness it.
You have to give the Bushssss credit when it comes to
overthrowing our country they never give up..  Just ask
Prescott Bush...

[bluesmail]

8. Scare me once shame on me...

[The Wielding Truth]

74. Scare us stupid........not this time!

[Trillo]

9. While Condi says "fundamentals of the U.S. economy are strong."

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3508069

Oh, who to believe, who to believe?

[VeggieTart]

32. She said that too?

I thought it was Numbnuts McCain

[Art_from_Ark]

96. Maybe she was referring to the economy of the Soviet Union

After all, that's her specialty :rofl:

[SpiralHawk]

82. "You can believe neither of us. We are republicons. Smirk." - Condi & Commander AWOL

[MichiganVote]

10. Shoot, sounds easy compared to what's happenin' in Michigan

for ALL 8 years of the * administration.

[pauldg0]

76. I support you...........

....It sucks here!!!!

[MichiganVote]

90. This is the worst its ever been. Makes the Reagan years look good by comparison.

[NeoConsSuck]

11. Well, he should know about recessions

this is the second one in his administration.

Has any other president had two recessions in their administration??

[starroute]

29. Eisenhower had three recessions in eight years

One of the things people conveniently forget when they reminisce these days about what a great guy Ike was.

[Pete2069]

75. Nothing as powerful as this destruction from Bush

It would be like comparing a little league to a major league

[MNBrewer]

80. at least he warned us about the writing on the wall

re: the military industrial complex.

[Thor_MN]

93. They call him doubledip for a reason...

[Taverner]

12. Maher said he had one last f*ckup in him...

This must be it...

[JHB]

43. Don't jinx it!

Never misunderestimate his capacity for feeding his base.

[Pete2069]

72. No--Bush is now pushing to sell more of our jobs to Latin America

President Bush and Colombian President Alvaro Uribe renewed
their push on Saturday for Congress to approve a free-trade
deal before lawmakers leave town to campaign for re-election.

When it comes to destruction to our country Bush is never
through....

[UpInArms]

13. right now I miss the "finger"

that use to be a staple DU icon

:finger:

[Beartracks]

47. Like this?

[UpInArms]

97. no,

it was really cute yellow flipper of a finger, but thanks for the smilie and the smile - if it's okay by you, I'll save your smilie for another day in another way

:)

[Alcibiades]

14. Bush: "Our policies have failed

well, they've succeeded in making me and my golf buddies richer, but the rest of the nation is well and truly f*cked."

"Our entire economy is in danger. If I had any honesty at all, I'd say 'Sorry, my bad,' but I don't. This is somehow the Democrats' fault, despite the fact that I have been in control of a presidency that has has become almost dictatorial in the scope of its power."

[UpInArms]

15. is this the message?

[John7714]

17. 7 billion buckscoming from where?

The fed just going to have the treasury print up that money? Or will they get it from the countries that are left that don't hate the US? Like England? England is hurting too. Think China will loan us the bucks when the value of the dollar is falling so fast? And if the money is just printed the value of the dollar slides lower. And they act as if this was a big surprise? Why would they lie about that?

Yet doubts were being raised not just at the United Nations but farther afield, with Germany’s chancellor, Angela Merkel, among the most outspoken. She said that at last year’s meeting of the Group of 8, she had strongly urged both the United States and Britain to be more rigorous in supervising financial activities, and even offered specific proposals to be applied to banks and other institutions.

But the United States was not interested, she said. She also seemed to express a certain exasperation that the United States was now asking Europe for help, after inflicting damage on the rest of the world that could have been avoided.

“We did what we were supposed to do,” she said in an interview with Münchner Merkur, a German newspaper. “We adopted a decent E.U. regulation on the national statute books,” but “when it came to it, the Americans said, ‘That’s not for us.’ ”

http://www.nytimes.com/2008/09/24/world/24nations.html?pagewanted=2&_r=1

Our gubment has failed terribly.

[daleo]

35. I believe it is seven hundred billion bucks they want

Where do they plan to get it? Social security fund is my guess.

[Pete2069]

77. With this bail out Bush is making sure that he kills Social Security

or any other security for our workers before he leaves office.
  Bush will be complete in his destructions.  He has had over
40 years of practice.  Bush will leave no stone un-turn before
he leaves...

[daleo]

87. It's a big pot of money to loot

And the very idea that regular folks have any sort of security just grates on the people Bush serves (his "haves and have-mores").

[minnesota_liberal]

83. There is no 'Social Security Fund'

Your FICA payments and those of your employer go into the General Fund in exchange for a bunch of IOUs.

:shrug:

[santamargarita]

19. What do you call the past 8 years?

Asshole!

[WhiteTara]

20. May he rot in jail. n/t

[whistle]

21. No, no, no, no, NO! The $700 billion should be used to create jobs

...who the fuck needs to borrow on credit when they have NO WAY TO PAY BACK THE NEW DEBT!

This is pure and simple a bailout for Bush's Wall Street cronies and the $350 billion plus another $700 billion is going into a black whole for the wealthiest of Bush's base to get richer.

[bamacrat]

67. I agree a new New Deal of sorts.

That is what we need, if we invested half that $350 billion in building new bridges, repairing old ones, repaving shitty roads and building really anything. That is what made us, our products, now all we do is import everything. Increased productivity, employment and pay would stem the economy and help us out of this recession we have suffered through the last 8 years.

[L0oniX]

22. Just like his long and painful presidency.

:evilfrown:

[lib2DaBone]

23. What if you already don't have a job and are sleeping in your car?

[scarface2004]

25. what?? no tax cuts?!?!

hey asshole...go to hell!

[dudewheresmycountry]

26. Mr. Bush,

Nothing could be as painful as the last 8 years.

[deutsey]

27. Hey Bush: Thanks a lot, asshole.

[GinaMaria]

85. Hi Friend

:hi: Haven't seen you in ages.

[deutsey]

88. Oh my god!

Where have been, stranger? It's nice "bumping into" you here. How have you been?

[OhioChick]

30. Time to go Shopping!

:sarcasm:

[Mr_Jefferson_24]

31. Propping up the price of essentially worthless...

...assets with the infusion of cash will further, and severely, devalue the dollar and put us on the fast track for hyperinflation.

They will bring the U.S. citizenry to its knees via economic ruin.

Turns out they're students of history -- here's the template they're using:

http://www.crisispapers.org/Editorials/germany-1933.htm

[daleo]

33. Bush: Give us all your money, or you will lose all your money

Fear, fear, fear. It doesn't even make sense.

[The Wizard]

34. I can't stand seeing or hearing

Bush any longer. What did he say about weapons of mass destruction?

[lutherj]

36. The country has been through several recessions that I remember

over the last 30 years. We always just went through it, accepting it as part of the business cycle. Congress would extend unemployment benefits, maybe pass some kind of economic stimulus, the fed would lower interest rates. Nobody acted the way they are now. They're using the word "recession" to mean "depression".

[YvonneCa]

37. Hasn't he been saying for eight years that our economy...

...is sound? That we're not in a recession...even when others have said we were. Even when it has been obvious to most of us that something was wrong?

[Lasher]

73. Yep.

October 11, 2007

Bush: Economy Still Strong Despite Job Concerns

President Bush acknowledged that Americans are concerned about job security, health care and retirement but maintained that the U.S. economy remains strong.

"There's a variety of reasons why people are uncertain," Bush said in a taped interview with CNBC's Maria Bartimoro. "But when they take a hard look at the statistics--and the reality--I hope it brings them some comfort to know this economy is strong and is setting all kinds of records."

The president also said:

-- He was "glad" that the UAW and General Motors were able to reach a new contract agreement "in an expeditious way."

--He continues to worry about trade protectionism, though he said he "understands" that people are worried about losing their job. But he reiterated that free trade is good for the economy and the consumer.

--The solution to the current housing problem "is not more government or more regulation but to help people refinance their homes." He added that "so far the softness is regional...There are parts of our country that are doing just fine in the real estate markets."

--Declined comment on the Fed's recent interest rate cuts, saying "I never send Ben Bernanke any instructions and he doesn't expect me to send him any instructions."

--Defended his veto of additional health-care coverage for low-income children, saying the measure actually included higher income people and would have expand government health care.

--Economic goal for the rest of his term "is to keep taxes down and to have good, wise fiscal policy."

http://www.cnbc.com/id/21254673

[YvonneCa]

86. Thanks for posting this. I *thought* that's what he had been...

...selling. :7

[Dangerously Amused]

38. Yeah, long and painful... for YOU suckers! Aheh aheh aheh heh heh...

But it's Easy Street for me and my cronies!

We already have more money than you'll ever dream of, AND lifetime health care AND millions in pension that you little people pay for, and and and...

[bdamomma]

39. and I wish him a

long and painful_________________________________ fill in the blank.

[Tandalayo_Scheisskopf]

56. Prolapsed Colon nt

[chknltl]

69. Walk down a line of Iraqi citizens who are holding shoes instead of AK-47s

hmmm I wonder if anyone can change this face from Saddam to bush....maybe even replace the boot with a Nike shoe or a sandal.

[2Design]

40. they had the plans for months - this has been a problem and is not

a new problem and this dem congress BETTER NOT ROLL OVER for this admin again - paulsen has a huge financial stake in goldman sachs and this helps him and his buddies - this is a fear scam -

[fla nocount]

Bite me, I'm skilled and can produce in excess of my needs, I welcome a change. n/t

[LynnTheDem]

41. YOUR "long and painful recession", bUsh.

YOUR invasion and war against Iraq, bUsh.

YOUR recession, bUsh.

YOUR total fuck-ups, bUsh.

YOUR LEGACY, bUsh.

[debbierlus]

42. What a desperate move - putting Bush out in front of this will help its doom

[roamer65]

44. Just wait until the hyperinflationary depression begins around 2010.

That is exactly what massive currency creation will bring in about a year. All thanks to this moron.

[Amerigo Vespucci]

45. So the recession we are already IN will be short 'n' painless if we agree to golden parachutes?

Bush's answer for everything. Just line the pockets of his "base" with enough cash and them good-payin' jobs will mosey on back to the corral and we'll all be happy and safe while he protects us from terra.

I thought I couldn;t possibly be more sick of his frat boy ass than I already am, but he's provin' me WRONG, Stretch...

:eyes:

[Whoa_Nelly]

46. As if the last almost 8 years have not been painful enough!

[Beartracks]

48. Thank God Bush is on top of this...

... He's done so well managing other disasters. :thumbsup:

(:sarcasm: )

[grahamhgreen]

50. Your family will need the $15,000 that the billionaires are asking you to loan them

Your family will need the $15,000 that the billionaires are asking you to loan them - to help you through the very tough times ahead.

NO BAILOUT FOR BILLIONAIRES!

[Tandalayo_Scheisskopf]

51. I would like to point out to our Genius-In-Chief...

That the last eight years have been, for a hell of a lot of us, a long and painful recession.

Fucking moron.

[ryanmuegge]

52. It's going to happen with or without the bailout.

[IndianaJohn]

53. What's he going to do next if he doesn't get his (their) way,

go on camera in front of the whole nation, crash to the ground and have a temper tantrum. This administration makes me absolutely sick! This bailout plan (aka scam)is so transparent that our collective intelligence should be insulted. It's just one more scheme in a seemingly never ending chain of lies and deceit.

I get to sleep at night comforted in the knowledge that the light of hope is growing ever brighter and that we will soon be able to go about our lives without having to deal with this bs. What a breath of fresh air that will be!

Thank you...I feel better after that little rant.

[The_Casual_Observer]

54. At this point I'd take my chances.

[greyghost]

57. I wish him a very long and painful death.

[bdamomma]

65. you must of have been reading my mind.

[minnesota_liberal]

58. And for George W. Bush, I predict a large and painful anal cyst

Don't let the door hit you on the way out!

[TankLV]

59. After all the LIES you've duped us with, you've got some hutzpah, bunkerboy!!!

ANYTHING you say I would DO THE OPPOSITE and I bet the country would be better for it.

You can "bank on it"...

No more Iraq War Resolution.

No more Patriot Act.

No more FISA bill.

No more ANYTHING...

[AllyCat]

60. We face a long and pailful recession no matter what. Might as well

save $700B in the process and vote against this horrible proposal.

[greyghost]

62. Spot on! Why dig an even deeper hole?!

[raging_moderate]

61. blazing saddles?

I can't seem to get them image of Cleavon Little holding his own gun to his head and telling the masses "stand back or I'll shoot!!" Are we really as gullible as the homesy folks of Rock Ridge to think "Oh No! I think he means it!" I say let them hang. Which is worse, having my IRA drop by 40% in todays dollars, and give the long term economy at least a chance, or have it only drop 20% but in dollars that are worthless?

[paparush]

63. Economic Patriot Act to thwart Financial Mushroom Clouds (TM)

PATENT PENDING

[minnesota_liberal]

64. March 17, 2008: White House 'on top of the situation'

WASHINGTON (AP) - President Bush, trying to calm turmoil in financial markets after a dramatic weekend, declared Monday that his administration is “on top of the situation” and dealing decisively with the slumping economy.

http://www.msnbc.msn.com/id/23673100/

Bush, you sanctimonious, hypocritical, incompetent, lying sack of shit! When it serves you and your party to tell us one thing, you do. And when it serves you and your party to say the opposite, you do that too.

[jberryhill]

66. He warned of WMD in Iraq too

A Bush warning and 50 cents will get you a cup of coffee at the diner.

Next?

[concerned canadian]

68. wasn't bush's fake serious facial expression and voice

eerily similar to his "America is at war..." address at the beginning of the Iraq invasion?

[greyghost]

70. Yep, he's a poker players dream.

[lutefisk]

95. The Daily Show just showed the two speeches edited together

Same speech, essentially.

[alfredo]

84. He wants panic. He wants fear. economic shock and awe.

[Name removed]

89. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Zorra]

91. Chimpy is a syphilis spirochete in hominid form. n/t

[and-justice-for-all]

92. I'm not convinced either...

I think it is more fear mongering.

[dnclpp]

94. Bush the optimist

When things are bad, bush says they are good. So what do you guys think it means when he says things are bad? :(

I'm worried.

[theDash]

98. what that means is

that him and all his corporate and wall street buddies do not have any more money to steal from the working class

[OKthatsIT]

99. HA!

WE'VE HAD A LONG AND PAINFUL RECESSION since Bush was in office.